The purpose of today's episode is tell the truth about credit. Yes, it's a very sexy topic right now and can be strategically utilized to get lines of credit for 0% interest and travel for free. However, this can only be done if known how to do so correctly. I'm not an expert at credit, so I won't act like I am. But I did some research on the basic strategies of credit, and I want to give you an opportunity to utilize them to your advantage.
Below is the action plan steps laid out at the end of the episode:
Check your credit score on free sites like CreditKarma, Mint, etc. Yes, this score could be different from the actual score lenders will receive when doing a credit check, but it'll be somewhat close.
Avoid late payments at all costs. Set up autopay for at least the minimum payments on your credit cards right now.
Keep utilization rate (revolving balances on credit cards) below 30% of the borrowing limit. Aim for paying them off in full every month. However, if you can't do that, get on a plan to get them below 30% as quick as possible.
If you miss payments and a loan is sold to a collections agency, pay this off as fast as you can. That is something you DO NOT want to mess with. If currently have any bills in collections, do whatever it takes to get those paid off as soon as possible.
Thanks for listening! Leave us a 5-star review on Apple Podcasts and let us know what you thought of this episode!
Brady Morgan's Instagram - https://www.instagram.com/bradymorgan_/
Entrepreneurism's Facebook - https://www.facebook.com/entrepreneurismpodcast
Entrepreneurism's Website - https://www.entrepreneurism.show/